Bank Alkhair is the Originator and Lead Sponsor of T’azur, a new regional Takaful group with an authorized capital of US$500 million offering family (life) medical and general Takaful business lines. T’azur is driven by a vision to become a global leader in serving the vast and largely untapped market for Islamic insurance and savings solutions and seeks to be a dominant player in a presently fragmented market that shows vast potential. The founding of T’azur marks the culmination of over two years of intensive research, due diligence and capital raising on the part of AlKhair’s Takaful division and is a response by Bank Alkhair to a clear gap in the market for a major regional Takaful player able to meet the demands of a marketplace that continues to grow in geographical span, penetration level and sophistication.

Capital for the new venture has been raised from founding institutional investors in Kuwait, Qatar, Bahrain and Saudi Arabia. AlKhair is also a founding investor in the new company which operates as an independent entity.

T’azur’s expansion strategy will combine a sound level of organic growth with a phased program of acquisitions. The company has Takaful license applications in the pipeline for several key markets and will continue to raise capital in line with its phased growth plan and projections.